It is not in the advantage of Nigeria to keep relying on only one commodity as the main source of revenue. This is particularly why there are multiple problems facing Nigeria at the moment. Crude oil has fallen to about 60% per barrel and oil price presents a huge challenge for businesses in Nigeria, whether a firm deals in oil and gas or not. The present situation of things in the oil and gas sub-sector is more than a wake-up call for the country to diversify its means of income. At the moment, steps are being taken but these are not enough.
Should Nigeria pull out of OPEC? Observing the current trend makes one to decide that it will be foolhardy for Nigeria to pull out of OPEC because right now, Nigeria is the president of OPEC. Nigeria has a powerful voice among the oil producing countries of OPEC, and as such, has the power to influence OPEC members positively. In addition to that, there are multiple benefits that Nigeria stands to gain as a member country of OPEC.
There is a need for Nigeria to rely more on other sectors or industries. Agriculture is a foremost means of ensuring that Nigeria stays afloat the current oil-price crisis. Yet, there is also need for the government stop the trend of accepting refined oil at triple the cost it was shipped out to foreign countries for refining. This can be done if enough private refineries are set up. In addition to that, SMEs must be encouraged to grow because they cater a lot to the provision of employment for the masses.